Following the recent announcement that Shopify CEO Tobias Lutke has joined Coinbase’s board of directors, the global e-commerce platform and its merchants are doubling down on the power of crypto and blockchain through a partnership with Vivid Labs, a next-gen NFT (non-fungible token) publishing platform.
Vivid is bringing the latest in NFT capabilities to Shopify’s 1.7 million merchants by enabling them to create, manage, and sell first-of-its-kind NFTs that represent both digital and physical assets through this massive e-commerce platform, likely bringing millions of new users into the fast-growing NFT market.
Now available in the Shopify App store, Vivid Labs’ unique technology, coined ‘NFT+’, provides merchants with the following capabilities:
Multiple assets of any media type can be added to a single NFT, enabling a full media experience. The NFT serves as a “container” that holds these multiple assets.
An NFT can be updated with additional media at any time.
Each asset within an NFT can be assigned independent permissions.
Digital rights management (DRM) methodology and decentralized storage forage NFTs that won’t vanish or break, a concern that arises on many other NFT platforms.
“We’re happy to welcome Vivid Labs to the Shopify App Store to help merchants build new and creative commerce experiences through NFTs,” said John S. Lee, Lead of Blockchain Ecosystem at Shopify. “Our growing blockchain ecosystem demonstrates our commitment to supporting merchants as they sell NFTs directly through their storefronts, helping to further grow participation in Web3 and expand what’s possible in commerce.”
Action sports and media company Natural Selection became the first to launch NFTs using Vivid’s Shopify App during their snowboarding competition earlier this year. Throughout the six-day event, they dropped NFTs including exclusive art, 3D course renderings, videos containing real footage of the courses, and even physical posters signed by participating snowboarders.
“As ecommerce continues to integrate with the blockchain space, Vivid Labs is excited to bring our multimedia NFT capabilities to Shopify merchants,” said Halsey Minor, CEO of Vivid Labs corporate parent Live Planet. “As demonstrated with our recent partnership with Natural Selection, Vivid Labs NFTs provide merchants with a unique opportunity to connect with fans through advanced NFT features that go beyond static images.”